Core Viewpoint - CIMC Group (000039) is expected to maintain strong growth in marine engineering operations and significantly improve profitability in 2025 [1] Group 1: Financial Performance - The company anticipates a substantial year-on-year increase in profitability for its marine engineering segment in 2025 [1] Group 2: Operational Developments - CIMC Group has secured contracts for 2 semi-submersible drilling platforms and 1 semi-submersible lifting/living platform within the year [1] - The company is actively participating in market tenders through various channels to seek opportunities for asset disposal and leasing [1] - Efforts are being made to enhance asset efficiency and operational effectiveness [1]

工程施工环节迎来重磅中标。2月7日，中国铁建股份有限公司旗下全资子公司中国铁建港航局集团有限 公司中标某海上风电项目一期风机基础建造与安装标段二，中标金额约5.24亿元。 船舶制造领域的龙头企业也迎来大额订单。2月5日，中船海洋与防务装备股份有限公司发布公告，公司 控股子公司中船黄埔文冲船舶有限公司与EVERGREEN MARINE（ASIA）PTE.LTD.签订16艘3000TEU 支线集装箱船建造合同，合同交易总金额在7.36亿美元至8.96亿美元之间，船舶计划于2028年至2030年 完成交付。公告显示，该支线集装箱船为子公司主建船型，合同的履行预计将对公司现金流及后续经营 业绩产生积极影响。 本报记者 陈 红 2月份以来，海洋工程产业迎来订单密集发布期，相关A股上市公司接连披露相关中标及签约公告，业 务覆盖海上风电装备制造、船舶建造、海洋工程施工等多个细分领域，订单金额从数亿元到数十亿美元 不等，既彰显出国内海工产业在技术升级与市场需求双重驱动下的发展活力，也印证了海上经济已成为 制造业上市公司重点布局的核心赛道。 具体来看，2月10日晚间，天顺风能（苏州）股份有限公司发布公告称，公司海工板块全资子公 ...

Core Insights - The marine engineering industry has experienced a surge in order announcements since February, indicating strong growth driven by technological upgrades and market demand [1][4] - A variety of A-share listed companies are involved in sectors such as offshore wind power equipment manufacturing, shipbuilding, and marine engineering construction, with order values ranging from hundreds of millions to tens of billions [1] Group 1: Company Announcements - TianShun Wind Power announced new contracts totaling approximately 870 million yuan for offshore wind projects, including significant orders for foundation structures [1] - Shanghai Electric Wind Power Group secured a major contract for a 550,000 kW offshore wind project, marking a strong start to the year with a total capacity of 576 MW [2] - China State Construction Engineering Corporation's subsidiary won a contract worth about 524 million yuan for the construction and installation of wind turbine foundations [2] - China Shipbuilding Industry Corporation's subsidiary signed a contract for the construction of 16 container ships, with a total transaction value between 736 million and 896 million USD [2] Group 2: Industry Trends - The recent order announcements reflect a comprehensive coverage of the entire industry chain, from core equipment like wind turbines and foundation structures to shipbuilding and engineering construction [3] - There is a clear trend towards high-end and large-scale products, with large-capacity wind turbines and heavy-duty foundations becoming mainstream orders, aligning with industry technological advancements [3] - The market is expanding both domestically and internationally, with orders from coastal provinces in China as well as breakthroughs in overseas shipbuilding and marine product deliveries [3] Group 3: Expert Opinions - Experts suggest that the surge in marine engineering orders is a result of dual drivers: domestic renewable energy planning and global marine economic development [4] - The integration of marine engineering with other sectors, such as marine aquaculture, is creating new growth opportunities by diversifying product applications [4] - The industry's competitiveness is increasingly reliant on technological capabilities and production capacity, with a focus on large-scale and high-end equipment [4]

证券日报网讯2月10日，海油工程（600583）在互动平台回答投资者提问时表示，公司高度重视市值表 现和投资者关系管理，公司始终坚信内在价值是市值的根本基础，并通过持续提升盈利能力、积极开拓 深海市场、保障高质量订单储备等方式夯实这一基础。公司将持续优化信息披露，加强与投资者的沟通 交流。 ...

董事会认为于2025年度集团收入及公司拥有人应占溢利的预期下跌主要归因于：(i)于2025年完成及交付 的海工相关的电控及升降设备订单同比减少；及(ii)墨西哥陆地钻机升级改造项目由于市场及客户方的 原因，执行进度有所延误，导致于2025年年内完成的工作量和确认的收入同比减少。 格隆汇2月6日丨华商能源(00206.HK)发布公告，预期(i)与2024年度的收入约1.668亿美元相比，预期集 团2025年度收入录得范围约为17%至20%的下降；及(ii)与2024年度公司拥有人应占溢利约920万美元相 比，预期集团2025年度公司拥有人应占溢利录得范围约为80%至90%的下降。 ...

2月3日消息，天眼查数据显示，海洋石油工程股份有限公司发布海油工程-深技服-总价-螺栓法兰多功能 液压拆卸机组中标候选人公示，发布时间为2026年2月3日。 ...

Core Insights - Subsea7 S.A. has been awarded a contract by Shell plc for the Kaikias Waterflood project in the Gulf of America, focusing on subsea equipment transportation and installation [1][8] - The contract is considered 'sizeable', valued between $50 million and $150 million, with project management and engineering tasks commencing immediately [2][8] - Offshore activities for the project are scheduled to begin in 2027, with subsea infrastructure to be installed at depths of up to 1,650 meters [2][8] Company Relationship - The contract award strengthens Subsea7's long-standing relationship with Shell, allowing the company to leverage its deepwater experience for the Kaikias project [3] Project Details - Shell made a final investment decision on the Kaikias waterflood project in December 2025, aimed at increasing recoverable resources by injecting water into the reservoir to aid oil extraction [4]

Core Viewpoint - CIMC Group (000039) (02039) shares rose over 10%, reaching HKD 9.57 with a trading volume of HKD 24.15 million, following the release of an investor relations activity record discussing various business segments [1] Group 1: Data Center Business - CIMC has delivered over 1,000 megawatts and more than 17,000 modules in multiple countries and regions, including the Middle East and Southeast Asia [1] - The company is providing prefabricated data center technology and manufacturing services for clients in AI and cloud computing, with over 300 MW of capacity [1] Group 2: Offshore Engineering Segment - As of June 2025, CIMC holds orders worth approximately USD 5.55 billion, with production scheduled until 2027/2028 [1] - The profitability of the offshore engineering business is expected to significantly improve by 2025 [1] Group 3: Commercial Aerospace - By 2025, CIMC's subsidiary, CIMC Enric, is projected to generate over RMB 100 million in revenue and have a backlog of orders, with about half of the revenue coming from overseas [1] - The company launched China's first RAP active temperature-controlled air cargo box in February 2025, filling a gap in the domestic market and will conduct commercial operations with major domestic airlines [1]

Group 1: Data Center Business - The company's data center business is a strategic platform for global digital energy integration, focusing on high-reliability, modular, and green low-carbon solutions [2] - The first ultra-large modular data center in Malaysia, consisting of 833 modules and approximately 60MW IT load, was delivered in under 10 months, significantly faster than the traditional 18-24 months [3] - Since 2013, the company has delivered over 1,000 MW and more than 17,000 modules across various regions, leveraging its strong manufacturing and global delivery capabilities [3] Group 2: Offshore Engineering Outlook - As of June 2025, the offshore engineering segment has a backlog of approximately $5.55 billion, with orders scheduled for production until 2027/2028 [4] - The company is focusing on high-quality, high-end equipment orders, primarily in FPSO/FLNG projects, while also tracking non-oil and gas orders from existing clients [4] - The offshore oil and gas project investments are expected to be delayed due to macroeconomic uncertainties, but a peak in investment is anticipated from 2026 to 2028 [4] Group 3: Container Manufacturing Performance - The container manufacturing business is projected to experience a significant decline in 2025 due to a high base in 2024 and a slowdown in global trade volume growth [5][6] - Long-term demand for containers is expected to rise, potentially exceeding the recent annual demand of around 4 million units, driven by global population growth and increased wealth [6] Group 4: Commercial Aerospace Initiatives - The subsidiary, CIMC Enric, has established itself as a key supplier in the aerospace storage equipment sector, with expected revenue and orders exceeding 100 million RMB in 2025 [6] - The company is also launching the first domestic RAP active temperature-controlled air cargo box in February 2025, filling a gap in the domestic market [6]

Core Viewpoint - CIMC Group expects a significant decline in net profit for the year 2025, projecting a loss of between 72 million to 141 million RMB after deducting non-recurring items [1] Group 1: Performance Forecast - The consolidated performance for CIMC Group in 2025 is expected to decline sharply compared to the previous year, primarily due to a substantial drop in container manufacturing business performance [2] - The container manufacturing industry reached a historical peak in production and sales in 2024, leading to a high base effect that, combined with international trade friction and a slowdown in global commodity trade growth, is expected to result in a normal decline in global container demand in 2025 [2] Group 2: Investment Losses - CIMC's joint venture, Shenzhen CIMC Chancheng Development Group Co., Ltd., adjusted its pricing strategy to accelerate cash recovery and ensure liquidity, leading to an indirect loss of approximately 1.08 billion RMB in net profit attributable to shareholders due to the sale of the Qianhai CIMC International Business Center East Tower project [2] Group 3: Foreign Exchange Impact - The foreign exchange market is expected to experience significant fluctuations in 2025, with preliminary estimates indicating a total loss of approximately 1.243 billion RMB from foreign exchange exposure and hedging activities [3] - The loss from foreign currency exposure is estimated at around 1.099 billion RMB, primarily due to USD/RMB asset exposure, while the hedging costs are relatively high, resulting in a lower hedging ratio for the year [3] Group 4: Business Transformation and Financial Results - Despite the challenges, CIMC Group is making strides in its energy business transformation, with strong growth in marine engineering performance and a significant increase in profitability [4] - In the first three quarters of 2025, CIMC reported a main revenue of 117.061 billion RMB, a year-on-year decrease of 9.23%, and a net profit attributable to shareholders of 1.566 billion RMB, down 14.35% year-on-year [4] - The third quarter alone saw a main revenue of 40.97 billion RMB, a decline of 17.82%, and a net profit of 287 million RMB, down 70.13% year-on-year [4]